Buying a bike on a Credit Card?

[kennym4]

Dude, you got me feeling like I'm watching a football game !! Now you got me routing for you !!

"Come on Martin, you can do it" !! "Shish boom bah - Shish boom bah, Git the Busa - Git the Busa, Rah Rah Rah"

I Really do wish you luck, I remember how it felt wanting my bike, it almost hurt !!!

 

[Wag]

We only pay cash. These are toys & we don't want to be making payments on something that may be wrecked.

Never buy entertainment on credit. Period.

"Those who understand interest collect it. Those who do not understand interest pay it." --Unknown.

Even if you need a car or motorcycle for transportation to and from work, still, be chintzy about how MUCH interest you're going to pay and pay that sucker off as fast as you can.

It's one of those things people have not educated themselves about but they should and they can, quite easily, in fact.

This, "must have it now," mentality have is going to frickin' kill us. Look at the tatters in our current economy which was caused, in my opinion, by stupid people allowing predatory lenders to fleece them and ultimately, fleece all the rest of us, too.

--Wag--

 

[Mrs.Rubber2Burn]

I know that I am late to offer my two cents on the Suzuki Financing thing, but they are smoking something that most are not! When we purchased hubby's first new bike (2002 Katana) Suzuki wanted to finance at 18%! We went to our credit union and took the "deal sheet" they financed that same day for 5.75%. This was 2002, so I am not sure what intrest rates were back then, but The difference was DRAMATIC!!

Too bad a U.S. Army recruiter backed over that bike while hubby had it parked at work. It was a total loss, and the recruiter's insurance got to pay for it.

 

[ANKOMA]

Dude, put those credit cards away. Save up and make a substantial down pmt, get a loan from a local credit union where the rates are 4.99 or lower.
Credit cards will get you in trouble if you are not careful.

 

[Martin6683]

Ankoma,
I have to use my credit card, because this way I will own the bike and have the title to it therfor being able to put the insurance I want on it. My driving record isisnt that great (from the past) and my insurance for full coverage was just ridiculous. I really want this bike I have an email into the place in Vermont, im going to call them on my lunch break from work. Hope they have something for me.

 

[GMbusa]

Want some advice? If you can't get full coverage, I'd forget the bike altogether. We've had way too many people hear report on bikes being stolen, only to find out they only had liability on it. That means your paying on a bike for the next few years that doesn't exist. Yep, you've not only given the theif your bike, you've paid it off for him too.

Give it some thought. It CAN happen to you.

 

[neoBusa]

As many have advised, use CC if your paying it within a month, to get points and all. Otherwise your in for a hefty longterm expense.

no bike loans in the US? like a car loan, but for motorcycles?

 

[Martin6683]

That place in VT isint to bad. They have a orange and black and a blue/black in stock. Unfortunately i want the black. They are calling suzuki to see if they can get a black one in. You guys are right about the insurance (I will get the full coverage), im going to see if my roommate will insure the bike for me. Unfortunately I was a moron the past 5 years of my life on the road and now im paying for it big time on both my cars for insurance. Ive taken it easy the last 1 1/2 years with out a ticket. Ha I look at my self 2 years ago and feel so stupid always thinking cops were after kids with nice cars/bikes, when it was really just me being stupid well for the most part. If I could do it all over again I wish my parents beat the bag out of me every time I got a ticket lol. At least Id be saving 1000's a year on my insurance. Sooooooo close to havin the BUSA!!!

 

[DC TONY]

I REALLY REALLY HOPE IT WORK OUT FOR YOU. JUST SAVE YOUR MONEY AND GET ONE NEXT YEAR.

 

[TIMMYDUCK]

That place in VT isint to bad.

Geez,

The highest praise of Vt since the Battle of Bennington.

They are stright shooters down there and will get you the bike you want.

Sort of a long story behind the creation of Granite City but I know the owner well and we both know which way the winds blows.

Also they are the only M/C dealer that offers all 4 major Japaneese brands.

Good luck in your endevour and bring lots of friends at delivery so you all get free T-shirts.

 

[kennym4]

Our dealer here also has all 4 brands.

 

[kennym4]

You better tell your roomate to say he lives alone, if they know you live there they will have any licensed person sign a paper stating they will NOT be riding it. (mine did anyway) And if you were to get a tickett on it, and they found out about it they would tell him the same thing. My dealer told me that Ins. Cmpny.'s can get REAL strict on accidents with other riders ?

Will this be your first bike ?

Drive the Busa like you use to drive your car......you wont be around long ??

 

[Martin6683]

Hey guys thanks for the input i think im pretty close to a deal with John at granite city. Im going to call him today when I get out of work. This would be my 2nd busa, I had a 2002 I bought brand new, and had to sell it a few years later. Ive been bikeless for 4 years!! Ill give you guys the heads up on grantie city when I talk to them later this evening
Martin

 

[speed750]

Dude, i didnt read all 3 pages, but. If you have good credit you'll have plenty of offers. I have 4 visa cards, when 1 has a deal for zero percent for a year, I take it. By the time it runs out I have a fist full of zero percent checks to transfer the balance.

 

[Wag]

You're still going to buy it on a credit card, aren't you?

--Wag--

 

[Red Man]

This kid sounds really young, and is about to go through with a young minded decision. DUDE its not that serious!your talking high interest on the CC and the insurance is going to get you in the long haul without full coverage should the bike get wrecked or stolen. Keep in mind your payment on the card is not the final amount. The final amount includes the Insurance which I reccomend Full Coverage, and Maintenece, Mods, Safety Gear ect. Again, its not that serious, not trying to be mean but you sound like a POSER right now than a passionite rider. I understand the itch U want 2 scratch but dont be willing to stretch thin for the next 5yrs for a few months of fun when the cold hits up there come september or so and your bike is just sitting but your making the high payments reality will set in and you'll be angry at the decision. But if you must I wish the best to you, Good Hunting.

 

[Wag]

Oh, well. Some people have to learn the hard way. Dude, I hope you'll come back here and try to help some other person avoid the same mistake.

At least enjoy the bike while you can.

--Wag--

 

[Martin6683]

Hey guys,

Im 25 years old just to answer that question. I ended up buying the bike from John at Granite City. Probably going to pick it up Wednesday or Thursday. I guess I could still be considered somewhat young but do have plenty of experience buying automobiles. You guys are right, I have made plenty of bad decisions when it comes to financing, but when it comes down to it, I have paid every loan off and never missed a payment in my life. My credit score is pretty good, I mean I applied for a GM card and got a limit of $19500, so that was obviously enough to cover the bike. And the interest rate was 9.9%. For some reason I couldn't get the Suzuki card, I think i must of made a mistake on the credit application. Anyways Im not strapped for cash but definitely don't live the easy life! However Im planning on having my bike paid off by January of 09 cause I usually get my Christmas bonus that time. So maybe Ill end up paying a few hundred in interest not to bad. I also ended up going with full coverage on the motorcycle through AAA which cost me $1600 Ouch......But thanks for all the help and if it wasent for you guys swaying my decision on the full coverage I wouldn't have done it. Ill post pictures when i pick it up probably going to be on Thursday!
Thanks again for the help
Martin

 

[DC TONY]

CONGRATS!!!!!!!!!!!!!!!!!!!!

 

[Htown Busa]

I haven't read the whole thread but you can check with your credit card company and see how how is a balance trasfer. Sometimes, the balance transfer is at a fixed rate, which is what you should looked for. With that said, you can finance the bike witht the dealer and then do a balance transfer to your credit card. I did that with a GSXR750 once and got a 4.9% interest rate until the balance was paid off. You can't beat that anywhere. If you have good credit, take advbantage of it.